On 2 April, LEOcoin opened their own exchange, LEOxChange, in Hong Kong and the cryptocurrency is now recognised by other digital currency exchanges.
Learning Enterprises Organisation (LEO), an Oxfordshire based company, launched their new currency last month, which co-founder, Dan Andersson hailed as an “important chapter in the evolution of the global digital currency.”
The introduction of a new cryptocurrency suggests this sector is rapidly growing and the launch of LEOcoin coincides with government proposals to regulate the digital currency sector and accept cryptocurrencies in the UK.
Atif Kamran (co-founder of LEOcoin) and Andersson are hoping to enable treasury departments around the world to accept LEOcoin for services and goods by expanding their merchant base on and offline.
A key feature of LEOcoin is its security, as with the use of high level encryption systems, personal data and trading information is kept safe. Alongside this, trading data is clearly visible on an online ledger, so the bid, offer prices and quantities can be easily understood.
However, LEOcoin commissioned to poll 1,000 senior decision-makers from small to medium businesses (SMEs) with a YouGov survey which revealed that 70% of respondents were “not at all likely” to accept payment in digital form.
The poll also identified that international transaction fees are a problem for 50% of SMEs and cost was also a worry for 43% of merchants who made debit or credit card transactions.
Andersson mentioned that SMEs find transaction fees concerning when undertaking international business, as “85% indicated they were unlikely to use a digital currency,” which could pose a problem for LEOcoin’s success.
LEOcoin is created with newer technology than rival Bitcoin, but Andersson is adamant that both digital currencies will coexist.
Andersson told IBTimes UK that he “wants to reach the “aunts and uncles”, the people that have a lot to benefit from such technology but don’t really understand it.”
“Bitcoin’s failure is mass-adoption. We as educators and trainers can solve this,” Andersson stated.
Bitcoin has suffered from negativity due to some bad publicity and the possible risks that having no central bank issuer poses, which could be beneficial for LEOcoin because its own exchange is being recognised as a secure digital currency exchange platform.
Andersson commented on the launch of LEOxChange as “another important step in the evolution of the global digital currency market which to date, if we are honest, has been received somewhat sceptically.”
“The gap between those businesses worried about transaction fees and yet reluctant to use a digital currency is the gap we believe LEOcoin will fill,” Andersson said.